As per latest customs data, South Korea flat steel exports which includes 7208 (HR coils /Plates),7209 (CR coils),7225 (Electrical sheets),7210/7212 (GP/GC) increased by 30% on monthly basis to 1.93 MnT in May’18 in comparison to 1.49 MnT in Apr’18.
Similarly on yearly basis the same moved up by 7% in May’18 against 1.81 MnT in May’17.
During first five months of Jan-May’18 Korea flat steel exports stood at 8.98 MnT higher by 5% against 9.42 MnT in similar time frame of previous year.
South Korean Steel Exports to Obtain Approval from KOSA before exporting to U.S-The Trump government’s announcement of steep tariffs of 25% on steel imports in the month of March has initiated negotiations with U.S. to earn some exemptions.
The first such country to negotiate with U.S. was South Korea where both the countries reached upon an agreement that instead of levying 25% import tariffs on entire quantity of steel exported by South Korea, steel exports from Korea to U.S. shall limit to 2.68 MnT or 70% of the annual average of Korean steel exports to the U.S. between 2015-2017.
Now in line with this, the Korea Iron and Steel Association (KOSA) has announced that any person or company in the country that wants to export steel products to U.S. will have to obtain the export approval certificate of the association and has to submit it to the Customs department along with the existing export documents.
Sub Commodity wise Flat Steel Exports in May’18
| Sub Commodity | May’18 | Apr’18 | M-o-M (Change in %) |
May’17 | Y-o-Y ( Change in %) |
| HRC/Plate | 0.73 | 0.37 | 97.29 | 0.71 | 2.8 |
| Galvanized Steel | 0.61 | 0.59 | 3.38 | 0.59 | 3.4 |
| CRC | 0.36 | 0.33 | 9.09 | 0.3 | 20.0 |
| Electrical Steel | 0.19 | 0.17 | 11.76 | 0.19 | 0.0 |
| Others | 0.03 | 0.03 | 0 | 0.03 | 0.0 |
| Grand Total | 1.93 | 1.49 | 30% | 1.81 | 7% |
Fig in MT
Source-SteelMint Research
Country-wise flat steel exports in May’18 – China stood as the largest flat steel importer of South Korea and has imported 0.28 MnT of flat steel in May’18, decline by 18% against 0.34 MnT in Apr’18.
Second largest importer was Japan at 0.24 MnT in May’18 plunged by 29% against 0.34 MnT a month ago.
Third largest importer of flat steel from South Korea was India procured 0.24 MnT in May’18 which was 0.09 MnT in Apr’18.
Other flat steel importers were Mexico at 0.17 Mnt,Thailand at 0.11 MnT followed by United states 0.08 Mnt ,Indonesia at 0.08 MnT and Vietnam at 0.10 MnT in May’18.
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